I'm new to the RE4 speedrun community and I noticed that when you are submitting a run, it asks to submit a specific time with loads and no loads. I don't understand the terminology of "loads" and "no loads" completely. Can someone help me out here? Thanks!

The "no loads" time is in reference to the time you get using the Load Remover timer that RE4 Central provides for the Steam version. Like it says on the tin, the timer removes the time that would be gained in loading screens and thus takes out the randomness and inconsistency of loading times, as well as the "pay-to-win" factor of the normal in-game timer. The "loads" time is the time you would get at the end of the game on the results screen and is a timer that tracks loading times along with normal gameplay.

Since the load remover is only available for the Steam version, it's irrelevant if you're on any other version/platform. And even on Steam it's optional, though highly recommended to run alongside a normal timer tracking IGT.